Bank Exchange Rates for Nigerian Naira History? Bank Exchange Rates for Nigerian Naira where before the introduction of the Nigerian Naira in 1973, the country relied on the pound from 1907 to 1973. Over the existence of the Naira, there has been rampant inflation forcing the central bank of Nigeria to control the annual inflation rate below 10 percent. As a result, the CBN embark on increasing key interest rates six times in 2011 alone.

Bank Exchange Rates for Nigerian Naira

But to reduce the impact of inflation, the CBN decided to maintain interest rate at 12 percent as from Jan 2012. In 2016, the Naira was pegged at 197 to the dollar and the CBN allowed the naira to float. Currently, the exchange rate ranges between 280 â€“ 350 to the dollar.

Currency Rates for Nigerian Naira where coins were introduced in 1973 in different denominations of, 1, 5, 10 and 25 kobos. Currently, however, coins in circulation are 50 kobos, and 1 and 2 as some were withdrawn from circulation as from 28 February 2007.

Similarly, notes were also introduced in 1973 for 50 kobos, 1, 5, 10 and 20 nairas. Different and higher denominations were issued in later years with 5, 10, 20, 50, 100, 200, 500 and 1000 naira being in circulation today. Since 2012, the CBN has been mulling over introducing new currency denominations of N5,000 with plans to convert different denomination notes 5, 10, 20 and 50 into coins.

Currency Rates for Nigerian Naira

Due to high costs and environmental considerations, the CBN announced that its banknotes will no longer be issued on the polymer. The CBN further said it was to issue a 100 naira commemorative note on 12 November, 2014 to celebrate the country's centennial of its existence which was redesigned with improved security features and a QRC code that when scanned leads to the history of the Country's history.

Redenomination of the naira was to be done in August 2008 were 100 old nairas was scheduled to become a new naira, but President Umaru YaAdua cancelled the exercise. The CBN sets the exchange rate while the amount of foreign currency is regulated through weekly auctions. The CBN nevertheless says that the weekly auctions will eventually be phased out with the CBN allowing the market forces to determine the rates with the bank intervening "only when there is a need."

Bank Exchange Rates for Nigerian Naira. The foreign exchange rates for Nigeria also known as the ISO code NGN. Send a money transfer online with us with the cheapest options.